The independent broker brought in revenues of £10.9m in 2012
Marsh has announced the acquisition of independent Aberdeen-based broker Central Insurance Services (CIS).
The deal is expected to be completed later this quarter when current CIS managing director Iain Henry will become head of Marsh’s operations in Scotland.
CIS has offices in Aberdeen, Edinburgh, Glasgow, and Kendal in the north of England and has particular expertise in Scotland’s oil and gas sector as well as financial services, construction, and agriculture.
The broker brought in revenues of £10.9m in 2012 (2011: £8.6m) and made a pre-tax profit of £2.5m over the same period (2011: £1.3m).
Marsh president and chief executive Peter Zaffino said: “This transaction is a demonstration of Marsh’s commitment to expanding our capabilities in Scotland. It builds on our already leading position in the Scottish market and enables us to provide enhanced services to both local and multinational companies operating across the most important sectors in the Scottish economy.”
Henry said: “This transaction is good news for our clients, good news for our colleagues and good news for Scotland. Clients will benefit from the enhanced range of services; our colleagues will enjoy expanded career opportunities; and businesses throughout Scotland will be able to access a broader range of capabilities to manage their business risks more effectively.
“The combination of the two businesses creates a particular concentration of oil and gas expertise. We look forward to working with the team at Marsh to bring an enhanced service to our clients in this and other sectors.”